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Tight supply and a lack of imports is keeping ferro-silicon prices at record highs in Europe, despite Asian prices falling amid loosening energy restrictions in key production regions in China.

 

European ferro-silicon supply has been tight since the second quarter, but in recent weeks a lack of imports into Europe has kept prices high.

 

Prices in Europe were assessed at €3,950-4,050/t ddp ($4,563-4,621/t) on 9 November — down from a record high of €4,000-4,100/t on 14 October. Prices have remained above €4,000/t since 14 October.

 

European importers have been unwilling to take the risk of bringing in Chinese, Malaysian and Indian material, fearing prices will collapse if stocks start to rise and they are forced to sell lower, even though Asian prices are falling.

 

"Traders are taking positions, so [buying] at €4,000/t is a risky business and they do not import," one trader said. Another said "there is not enough material in Europe at the moment — producers are sold out or not producing", so supply is likely to stay tight in the near term.

 

For Europe's producers, the lack of imports has only been a positive, with prices well above seasonal averages and bookings for volumes over 1,000t being confirmed above €4,000/t for delivery in the first half of next year. "Contract negotiations are mainly done, and the premiums are crazy — [customers] just accept [the price]," one producer said, adding that negotiations had been swift as "it is hard to get speciality grades".

 

Demand also remains strong in Europe, with end user first-quarter tenders for over 3,000t and suppliers struggling to respond.

 

That said, alloy producers have been more reluctant to buy at current prices — ferro-silicon is a key component in production in various goods. Ferro-molybdenum producers have been opting to avoid converting oxide into the alloy because of the high cost, market participants added.

 

High prices in Europe contrast with falling values in Asia — and particularly in China, where prices have dropped by 28pc since 28 October, standing at $2,550-2,600/t fob today. Much of this drop stems from the recent relaxation in energy restrictions that has allowed producers to step up operations. Producer HBIS lowered its tender price this week, with silicon metal prices heading in the same direction.

 

US prices have also remained well above Asian prices, with recent short supply pushing fob US warehouse values to $3.25-3.50/lb ($7,165-7,716/t) on 4 November. Spot trade has been thin because of the lack of supply, with Brazilian producers largely sold out for the period. The price gap between Europe and the US had narrowed briefly in the third quarter, but with European prices staying around the €4,000/t mark, the spread has now widened to almost $3,000/t.

 

Source: Argusmetal